#RealtyNewsRoundUp: Govt Cuts Down Forms & Formalities For Developers
Realty News Roundup is PropGuide's selection of top stories from the real estate sector.
To boost the Indian real estate sector, the government has decided to cut down forms and formalities a developer needs before laying the foundation of a project. The Ministry of Environment and Forests has decided to reduce the number of conditions that developers have to meet from 30 to a range of six to eight, depending on the project size. These norms are related to water conservation, natural drainage, solid-waste management, energy, air quality, noise and green cover. Read more
The National Consumer Disputes Redressal Commission (NCDRC) recently said that an Indian citizen or a non-resident Indian (NRI) , who owns multiple properties for investment and profit, cannot qualify as a "consumer" within the meaning of the Consumer Protection Act, 1986. Read more
The suggestion by the Bombay High Court to impose a ban on new constructions has met opposition by the Maharashtra state government. The government claimed that the new directions to the Bombay Municipal Corporation to ensure segregation of waste, two new dumping grounds and other measures, will help tackle the problem caused by city's polluting dumping grounds, The Times of India reported. Read more
Realty major Omaxe Ltd's sales booking has increased by 16 per cent to Rs 1,335 crore during the period of April-December 2015. The group's residential projects in New Chandigarh, Allahabad and Lucknow were the major contributors to this rise sales in the nine-month period. Read more
JSW Steel has received the clearance to build a skyscraper by demolishing an art deco bungalow on Carmichael Road in Mumbai, The Times of India reported. It will be the first such tower in almost 50 years in this residential enclave of south Mumbai. Read more